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Bulgaria's Doverie United Holding turns to 9-mo cons net profit, lifts revenue

Author Mario Tanev
Bulgaria's Doverie United Holding turns to 9-mo cons net profit, lifts revenue wrangler/Shutterstock.com

SOFIA (Bulgaria), November 18 (SeeNews) - Bulgarian diversified group Doverie United Holding [BUL:5DOV] said on Tuesday that it turned to a consolidated net profit, excluding minority interest, of 3.7 million levs ($2.1 million/1.9 million euro) in the first nine months of 2019, from a net loss of 1.1 million levs in the same period of 2018.

Including minority interest, Doverie United Holding generated a net profit of 4.3 million levs in the review period, compared to a net loss of 590,000 levs in the comparable period of last year, the company said in an interim financial statement.

The company's revenue grew to 122.6 million levs in the January-September period from 108.7 million levs the year before, backed by higher revenue from offered services.

Doverie United Holding also increased its operating expenses, to 117.8 million levs from 109 million levs a year earlier. Amortiastion costs doubled to 8.1 million levs in the first nine months of the year from 4.1 million levs in the same period of 2018, while cost of goods sold rose to 52.1 million levs from 51 million levs.

Earlier this year, Doverie United Holding's wholly-owned unit Doverie-Invest acquired a majority stake in Moldova's Moldindconbank (MICB). However, Doverie United Holding does not yet consolidate the results of Moldindconbank.

Doverie United Holding owns majority stakes in over 20 companies active in various sectors of the economy, including healthcare, insurance, banking, retail trade, real estate, and others.

At the end of September, Sopharma was Doverie United Holding's largest shareholder, with a 32.94% stake.

(1 euro = 1.95583 levs)

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